Home prices still strong but leveling off

Home prices in the Case-Shiller 20-city composite are up 12.4 percent from July 2012 to July 2013, but prices grew by just 0.6 percent in July when adjusted for seasonal factors compared with 0.9 percent in June, the index shows.

“Since April 2013, all 20 cities are up month to month; however, the monthly rates of price gains have declined," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. "More cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked."

All 20 cities have showed monthly price gains for at least four months in a row, with Phoenix posting 22 consecutive months of positive returns. Although home prices in all cities increased, 15 cities saw their monthly rates decelerate in July versus June.